Friday, 6 April 2012

Felda lauds verdict to quash injunction

KUALA LUMPUR: Felda has welcomed the Kuantan High Court's decision to dismiss an interim injunction barring Koperasi Permodalan Felda (KPF) from transferring its shares in Felda Holdings Bhd and 10 of its subsidiaries to Felda Global Ventures Holdings Bhd or for any discussions to be held by KPF on the matter.

"We agree and respect the Kuantan High Court’s decision which clearly states that matters related to cooperatives should be brought to the Malaysia Cooperative Societies Commission," said Felda Chairman Tan Sri Mohamed Isa Abdul Samad in a statement today.

The Kuantan High Court ruled on Monday that the injunction against the equity disposal was premature as KPF delegates had only planned to discuss the matter and no decision had been taken yet.

Furthermore, claims that KPF owned 51 per cent shares worth RM3.13 billion in Felda Holdings were not based on solid evidence but only from hearsay and estimation.

Mohamed Isa reiterated that none of the 500,000 hectares of settlers’ land would be utilised for the proposed listing and that their interests would continue to be protected once Felda Global Ventures Holdings becomes a public-listed company.

"The listing and the creation of one of the world’s largest plantation entities is a crucial national goal with the objective of delivering solid long-term financial returns for its staff, settlers and their dependants," he added. - Bernama